| 证券代码：603806 | 证券简称：福斯特 | | 公告编号：2024-069 | | --- | --- | --- | --- | | 转债代码：113661 | 转债简称：福 | 22 转债 | | 杭州福斯特应用材料股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进展公告 二、截至本公告日，公司最近十二个月使用募集资金现金管理的情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 金额：万元 | 序号 | 理财产品类型 | 实际投入金额 | 实际收回本金 | 实际收益 | 尚未收回 | | --- | --- | --- | --- | --- | --- | | | | | | | 本金金额 | | 1 | 券商理财产品 | 95,000 | 52,000 | 87.20 | 43,000 | | --- | --- | --- | --- | --- | --- | | 2 银行理财产品 | | 0.00 | 0.00 | 0.00 | 0.00 | | 合计 | | 95,000 | 52,0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company maintains its leading position in the photovoltaic film market, with its material business continuing to grow [1][4] - In H1 2024, the company achieved operating revenue of 10.764 billion yuan, a year-on-year increase of 1.39%, and a net profit attributable to shareholders of 928 million yuan, up 4.95% from the same period last year [4][5] - The company's photovoltaic film sales volume reached 1.389 billion square meters, a year-on-year increase of 43.61%, while revenue from this segment was 9.879 billion yuan, up 3.79% [4][5] Financial Performance - The company reported a quarterly revenue of 5.321 billion yuan in Q1 and 5.442 billion yuan in Q2 of 2024 [4] - The electronic materials business also showed growth, with sales volume of photosensitive dry film reaching 7.4 million square meters, a year-on-year increase of 35.83%, and revenue of 275 million yuan, up 26.92% [4][5] - The aluminum-plastic film business is entering a sales ramp-up phase, with sales volume of 5.606 million square meters, a year-on-year increase of 35.54%, and revenue of 5.9 million yuan, up 26.52% [5] Future Outlook - The company is expected to achieve net profits of 1.942 billion yuan, 2.660 billion yuan, and 3.032 billion yuan for the years 2024, 2025, and 2026 respectively [6][7] - The current stock price corresponds to a price-to-earnings ratio (PE) of 19.72, 14.40, and 12.63 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation [6][7]

Investment Rating - The report maintains a "Buy - A" rating for the company, indicating an expected investment return exceeding 15% over the next six months compared to the CSI 300 index [1]. Core Insights - The company reported a revenue of 10.76 billion yuan for the first half of 2024, a year-on-year increase of 1.4%, with a net profit attributable to shareholders of 930 million yuan, up 4.9% year-on-year [1]. - The photovoltaic film sector demonstrates strong cost control capabilities and significant overseas resource advantages, with sales volume reaching 138.91 million square meters, a growth of 43.61% year-on-year [1]. - The electronic materials business is entering a high-growth phase, with sales of photosensitive dry film increasing by 35.83% year-on-year, generating revenue of 275.37 million yuan, a rise of 26.92% [1]. - The company is experiencing a sales ramp-up in functional film materials, with aluminum-plastic film sales volume increasing by 35.54% year-on-year, contributing 58.90 million yuan in revenue, up 26.52% [1]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 10.76 billion yuan, a 1.4% increase from the previous year, and a net profit of 930 million yuan, reflecting a 4.9% growth [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 1.932 billion, 2.412 billion, and 2.899 billion yuan respectively, with corresponding EPS of 0.74, 0.92, and 1.11 yuan per share [1][3]. Market Position - The company has improved its global market share in the photovoltaic film sector, maintaining relatively stable profitability despite industry challenges [1]. - The electronic materials segment has established a customer base that includes well-known industry players, indicating strong market penetration [1]. Future Outlook - The report anticipates a decline in film prices, leading to a downward adjustment in profit forecasts, yet maintains a positive long-term growth outlook for the company [1]. - The company is expected to enhance its industry ranking through capacity expansion and customer development in the functional film materials segment [1].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights significant improvements in Q2 earnings, with a strong market position being reinforced [2][6] - The company achieved a revenue of 10.764 billion yuan in H1 2024, representing a year-on-year growth of 1.39%, and a net profit of 928 million yuan, up 4.95% year-on-year [6] - The report emphasizes the rapid growth in the shipment of photovoltaic films and photosensitive dry films, with photovoltaic film shipments increasing by 43.61% year-on-year [6] - The company has demonstrated stable profitability and improved gross margins despite a slowdown in the overall photovoltaic market [6] - Competitive advantages include self-manufactured equipment, strong customer resource barriers, and a global layout strategy [6] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 5.442 billion yuan, a year-on-year decrease of 4.57% but a quarter-on-quarter increase of 2.27%. The net profit for Q2 was 407 million yuan, down 21.79% year-on-year and 21.97% quarter-on-quarter [6] - The company’s gross margin improved by 1.43 percentage points year-on-year and 2.77 percentage points quarter-on-quarter [6] Market Position and Growth - The company has a strong market share and gross margin improvements in its main products, including films and backboards [6] - The report indicates that the electronic materials business is developing steadily, with aluminum-plastic film products entering a sales ramp-up phase [6] Profit Forecast - The forecast for net profit from 2024 to 2026 is 2.288 billion yuan, 2.785 billion yuan, and 3.393 billion yuan, respectively, with year-on-year growth rates of 23.7%, 21.7%, and 21.8% [7][8] - The company is expected to maintain a leading profitability in the photovoltaic film sector, with a reasonable valuation range of 19.36 to 21.12 yuan based on a PE ratio of 22-24 times for 2024 [7]

Investment Rating - The report assigns a rating of "Buy" for the company, indicating a positive outlook for future performance [2]. Core Views - The company is expected to achieve revenue growth from 22,589 million in 2023 to 23,303 million in 2024, reflecting a year-over-year increase of approximately 3% [2]. - The earnings per share (EPS) is projected to rise from 0.71 in 2024 to 0.93 in 2025, indicating a positive trend in profitability [6]. - The report highlights a significant increase in net profit margin, expected to reach 18.1% in Q2 2024, up from 16.7% in Q2 2023 [5]. Financial Summary - Revenue is forecasted to grow from 18,877 million in 2022 to 33,029 million by 2026, representing a compound annual growth rate (CAGR) of approximately 18% [2]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 19.7 in 2024 to 12.6 by 2026, suggesting improved valuation attractiveness [6]. - The report anticipates a steady increase in return on equity (ROE), expected to rise from 11.1% in 2024 to 13.5% in 2026 [6]. Profitability Metrics - The gross profit margin is expected to stabilize around 28.1% in 2024, with a slight increase to 26.4% by 2026 [6]. - Operating income is projected to grow from 2,761 million in 2024 to 3,774 million in 2025, indicating strong operational efficiency [6]. - The net profit is expected to increase significantly, from 1,850 million in 2024 to 2,896 million in 2026, reflecting robust growth in profitability [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 10.76 billion yuan in H1 2024, a year-on-year increase of 1.4%, with a net profit attributable to shareholders of 930 million yuan, up 4.9% year-on-year. The gross margin was 16.7%, an increase of 2.1 percentage points, and the net profit margin was 8.6%, up 0.3 percentage points [3] - In Q2 2024, the company experienced a decline in revenue of 4.6% quarter-on-quarter but a slight increase of 2.3% year-on-year. The net profit for Q2 was 410 million yuan, down 21.8% quarter-on-quarter and 22% year-on-year. The gross margin improved to 18.1%, with a net profit margin of 7.5% [3] - The company continues to increase its market share, with H1 2024 shipments reaching approximately 1.39 billion square meters, a year-on-year increase of 43.6%. The company expects shipments for 2024 to reach 2.6 to 2.8 billion square meters, a year-on-year increase of 20-30% [3] - The new materials segment showed strong performance, with photoresist dry film shipments in H1 2024 increasing by 36% year-on-year. The company anticipates that shipments will exceed 150 million square meters in 2024, a 50% increase year-on-year [3] - Operating cash flow significantly improved, with net cash inflow from operating activities in Q2 2024 reaching 940 million yuan, a quarter-on-quarter increase of 204% [3] Financial Forecast and Valuation - The company’s revenue forecast for 2024-2026 is adjusted to 18.4 billion yuan, 23.6 billion yuan, and 30.1 billion yuan respectively, with a target price of 18 yuan based on a 20x P/E ratio for 2025 [4] - The earnings per share (EPS) for 2024 is projected to be 0.71 yuan, with a P/E ratio of 19.78 [2][4] - The company’s total revenue for 2024 is expected to be 22.546 billion yuan, with a net profit of 1.842 billion yuan [10]

业绩简评 8 月 23 日公司披露 2024 年中报，上半年实现营收 107.6 亿 元，同比+1.4%，实现归母净利润 9.28 亿元，同比+4.9%。其中 Q2 实现归母净利润 4.07 亿元，同比-21.8%，环比-22%。 经营分析 胶膜盈利超预期，逆境提份额彰显龙头优势。上半年公司光 伏胶膜销量 13.89 亿平，同增 43.6%，全球市占率显著提升。在光 伏胶膜产品价格下跌、部分竞争对手亏损的背景下，公司凭借成 本、产品结构、海外优势产能等全方位优势，Q2 销售毛利率环比 提升 2.8 PCT 至 18.05%，测算胶膜产品单平净利提升。 成本优势+差异化产品+海外优势产能全方位巩固盈利优势。 近年电池组件技术多样化发展、快速迭代，公司通过全系列的产品 品类和优秀的成本控制能力，可以为 TOPCon、HJT、0BB、XBC、薄 膜、钙钛矿等多种技术路线提供性价比最优秀的封装方案，通过领 先的差异化产品提升盈利能力。此外，国际贸易形势复杂多变的背 景下，公司海外产能布局领先，泰国一期、越南产能已投产，计划 启动泰国二期扩产计划，全球化产能布局可充分满足海外组件客 户需求，持续推动全球份额及盈利能力的 ...

| 证券代码：603806 | 证券简称：福斯特 | 公告编号：2024-068 | | --- | --- | --- | | 转债代码：113661 | 转债简称：福 22 | 转债 | 杭州福斯特应用材料股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 08 月 26 日(星期一)至 08 月 30 日(星期五)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱： fst-zqb@firstpvm.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 杭州福斯特应用材料股份有限公司（以下简称"公司"）已于 2024 年 8 月 24 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 09 ...

杭州福斯特应用材料股份有限公司（以下简称"公司"）于 2024 年 8 月 22 日召开第五届董事会第四十次会议，审议通过了《关于公司计提信用减值准备和 资产减值准备的议案》，现将具体情况公告如下： 一、本次计提减值准备情况概述 | 证券代码：603806 | 证券简称：福斯特 | 公告编号：2024-064 | | --- | --- | --- | | 转债代码：113661 | 转债简称：福 22 | 转债 | 杭州福斯特应用材料股份有限公司 关于公司计提信用减值准备和资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 二、本次主要项目计提减值准备的确认标准和计提方法 新金融工具准则实施以来，公司确定组合的方式和预期信用损失率具体情况 如下： | 光伏行业款项组合 | 非光伏行业款项组合 | 预期信用损失率（%） | | --- | --- | --- | | 信用期组合（是否逾期） | 账龄组合 | | | 未逾期（信用期内） | 1 年以内（含，下同） | 5.00 | | 逾期一个月内 | 1 ...

| 证券代码：603806 | 证券简称：福斯特 | 公告编号：2024-066 | | --- | --- | --- | | 转债代码：113661 | 转债简称：福 22 | 转债 | 杭州福斯特应用材料股份有限公司 二、变更公司注册资本情况 报告期内，由于公司实施 2023 年年度权益分派，以及"福 22 转债"开始转 股，导致公司股份总数由期初的 1,864,165,011 股变更为 2,608,735,822 股（截 至 2024 年 6 月 30 日），具体情况如下： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 杭州福斯特应用材料股份有限公司（以下简称"公司"）于 2024 年 8 月 22 日召开了第五届董事会第四十次会议，审议通过了《关于变更公司经营范围、注 册资本的议案》《关于修订公司章程的议案》《关于修订公司<董事、监事和高级 管理人员所持公司股份及其变动管理制度>的议案》。现将有关情况公告如下： 一、变更公司经营范围情况 根据公司实际经营需要，并按照《经营范围规范表述查询系统（试用版）》 的表 ...